Depreciation value after car accident?
#16
06-26-2013 | 05:43 PM
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Well it wasn't easy but I wouldn't call it a gigantic battle either. Some resistance at first but I just made my case that my car is now worth less because of their client's recklessness. I started by paying an auto appraiser $150 which turned out to be a waste of money. His opinion was that I was entitled to $1,200 in DV. Didn't even show that to Geico.
instead, I went on Ebay and started looking for cars for sale with collision damage history. Lucked out and found one with damage similar in scope to mine. The car was advertised by the dealer as priced 10% below retail due to its history. I shared that listing with the Geico rep I was working with and about a month later he offered me $3,200.
He also made it clear repeatedly that they are not obligated by law to pay DV but may use their own discretion. I think it helped me out to emphasize that a Porsche with collision history is different from a Kia with collision history. Many buyers of Kias don't really care if the car has had body repairs and don't know how to check for it while most buyers of Porsches do know how to check for it and won't even consider buying one that's been in a wreck, no matter how minor. Diminished pool of potential buyers = diminished value.
As for parts, all of them oem, ordered from the dealership by the shop doing the repairs.
instead, I went on Ebay and started looking for cars for sale with collision damage history. Lucked out and found one with damage similar in scope to mine. The car was advertised by the dealer as priced 10% below retail due to its history. I shared that listing with the Geico rep I was working with and about a month later he offered me $3,200.
He also made it clear repeatedly that they are not obligated by law to pay DV but may use their own discretion. I think it helped me out to emphasize that a Porsche with collision history is different from a Kia with collision history. Many buyers of Kias don't really care if the car has had body repairs and don't know how to check for it while most buyers of Porsches do know how to check for it and won't even consider buying one that's been in a wreck, no matter how minor. Diminished pool of potential buyers = diminished value.
As for parts, all of them oem, ordered from the dealership by the shop doing the repairs.
#17
06-26-2013 | 07:23 PM
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Correct me if I'm wrong but if YOUR insurance company is paying for the damages are they going to pay DV? I thought you could only get DV is the other parties insurance was paying. Was this an uninsured motorist? BTW, CA is weird with DV, it's not that common here... But with that much damage I would definitely try to get it out of your or his insurance company. Its worth pushing with your agent.
And, I wouldn't bother trying to sue them, for 5-10k I personally don't think it is worth the hassle. Plus, if they are uninsured, good luck getting ANY $ out of them, even if you get a default judgement. What are you going to do, garnish their wages for 10 years???
And, I wouldn't bother trying to sue them, for 5-10k I personally don't think it is worth the hassle. Plus, if they are uninsured, good luck getting ANY $ out of them, even if you get a default judgement. What are you going to do, garnish their wages for 10 years???
#18
06-26-2013 | 09:00 PM
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Correct me if I'm wrong but if YOUR insurance company is paying for the damages are they going to pay DV? I thought you could only get DV is the other parties insurance was paying. Was this an uninsured motorist? BTW, CA is weird with DV, it's not that common here... But with that much damage I would definitely try to get it out of your or his insurance company. Its worth pushing with your agent.
And, I wouldn't bother trying to sue them, for 5-10k I personally don't think it is worth the hassle. Plus, if they are uninsured, good luck getting ANY $ out of them, even if you get a default judgement. What are you going to do, garnish their wages for 10 years???
And, I wouldn't bother trying to sue them, for 5-10k I personally don't think it is worth the hassle. Plus, if they are uninsured, good luck getting ANY $ out of them, even if you get a default judgement. What are you going to do, garnish their wages for 10 years???
Last edited by sandwedge; 06-26-2013 at 09:03 PM.
#19
06-27-2013 | 03:13 AM
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So if the other person's insurance is paying for the damages, who do I go request the DV from? And if they don't need to pay the DV by law, why did they offer to pay you? I really hate dealing with insurance companies...
#20
06-27-2013 | 01:22 PM
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And if they don't need to pay the DV by law, why did they offer to pay you? I really hate dealing with insurance companies...
#21
06-27-2013 | 02:25 PM
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Seems like a long shot but sometimes it actually works to go after deadbeats. Had a manager of a Marshalls department store as a tenant in a rental condo I own. He stopped paying rent, trashed the place and left only after being evicted and escorted out by a sheriff's deputy. Took him to small claims and got a judgement for $7,000. Then got his paychecks garnished at $175/week and collected every penny of the $7K in less than a year.
#22
06-27-2013 | 02:29 PM
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First step: A conversation with your agent. Push the issue, and have some data to back up your assumptions of lost value on resale.
#23
06-27-2013 | 04:32 PM
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You should deal with your agent. Its best to let them negotiate with the other party as a first step. Often your insurance company may foot the bill, and then go after the other persons insurance for compensation.
First step: A conversation with your agent. Push the issue, and have some data to back up your assumptions of lost value on resale.
First step: A conversation with your agent. Push the issue, and have some data to back up your assumptions of lost value on resale.
#24
06-27-2013 | 06:57 PM
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I don't know if my case was rare or whatnot, but the insurance adjuster and the automotive forensics tech, said that since I was wronged and suffered a financial loss I was entitled to recoup my losses (DV). On another note years ago I had to deal with a someone who was insured by Geico, what a terrible company to deal with.
#25
06-27-2013 | 08:21 PM
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I have nightmares about being in this situation. Having been in the car business for years, I cannot tell you how many times people were almost in tears after finding out that their car wasn't worth nearly what they expected all because of a bad CarFax...
I am assuming you don't have gap insurance? Good luck... I don't blame the dealers either. Why buy a car with paint work when you can get one without right?
I am assuming you don't have gap insurance? Good luck... I don't blame the dealers either. Why buy a car with paint work when you can get one without right?
#26
07-01-2013 | 12:50 AM
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I don't know if my case was rare or whatnot, but the insurance adjuster and the automotive forensics tech, said that since I was wronged and suffered a financial loss I was entitled to recoup my losses (DV). On another note years ago I had to deal with a someone who was insured by Geico, what a terrible company to deal with.
#27
07-02-2013 | 10:43 PM
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I just had the exact same thing happen to me. An idiot was texting an drove right into me at a red light. Luckily the damage was mostly cosmetic (nothing structural) but it was still almost $20k in damage. I have a 2011 GTS by the way. I decided to pursue a diminished value claim. The insurance company told me to get my own appraisal and they would take it from there. I had the appraisal done and they said I had suffered $20k in DV. Then the insurance company said they would do their own. Of course theirs came back at half of mine, but still $10k in DV. I'm now trying to get them to meet in the middle since a 50% haircut is not easy to swallow. Regardless, you should pursue the DV claim. Your value has most certainly taken a hit. And the worst case scenario is you get declined and you're no worse off than you are now.
#28
07-03-2013 | 12:12 AM
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Mazadi, your insurance paid or did the other persons pay? Also, what Insurance companies did u and the other guy use?
Even though they get ur dv by half, at least u didn't have to fight tooth and nails to get even something. I have a feeling the other persons insurance will not want to pay for it. I'll push hard and try my best though.
Even though they get ur dv by half, at least u didn't have to fight tooth and nails to get even something. I have a feeling the other persons insurance will not want to pay for it. I'll push hard and try my best though.
#29
07-03-2013 | 01:48 AM
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They really weren't that bad in my case. Biggest thing I came away with is that you have to stay on them. They won't volunteer anything and they most certainly won't contact you with any kind of update. You have to tell them what you need and what they owe you. Don't back off. I actually received very little resistance and arguing except the usual stalling, trying to wear you out and make you go away. I've seen worse.
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